NSTAR ELECTRIC CO

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 2, 2024

ES$69.62+0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Statements of Cash Flows

	For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$269,954	$281,716
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	198,856	185,889
Deferred Income Taxes	146,839	105,162
Uncollectible Expense	6,326	4,750
Pension, SERP, and PBOP Income, Net	(6,379)	(9,083)
Regulatory (Under)/Over Recoveries, Net	(117,569)	39,524
Amortization of Regulatory Liabilities, Net	(246,744)	(312,236)
Cost of Removal Expenditures	(32,317)	(36,781)
Other	(42,305)	(34,571)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(53,861)	20,542
Taxes Receivable/Accrued, Net	83,731	132,751
Accounts Payable	(54,887)	(251,326)
Other Current Assets and Liabilities, Net	(41,887)	2,711
Net Cash Flows Provided by Operating Activities	109,757	129,048
Investing Activities:
Investments in Property, Plant and Equipment	(532,235)	(499,920)
Other Investing Activities	—	173
Net Cash Flows Used in Investing Activities	(532,235)	(499,747)
Financing Activities:
Cash Dividends on Common Stock	(82,500)	(165,200)
Cash Dividends on Preferred Stock	(2,779)	(2,779)
Capital Contributions from Eversource Parent	200,000	—
Issuance of Long-Term Debt	350,000	500,000
Retirement of Long-Term Debt	—	(400,000)
(Decrease)/Increase in Notes Payable to Eversource Parent	(49,200)	449,000
Other Financing Activities	(4,218)	(6,521)
Net Cash Flows Provided by Financing Activities	411,303	374,500
Net (Decrease)/Increase in Cash and Restricted Cash	(11,175)	3,801
Cash and Restricted Cash - Beginning of Period	12,243	20,327
Cash and Restricted Cash - End of Period	$1,068	$24,128

(Thousands of Dollars)	As of June 30, 2024	As of December 31, 2023
ASSETS
Current Assets:
Cash	$2,730	$6,740
Receivables, Net (net of allowance for uncollectible accounts of $106,174 and $97,026 as of June 30, 2024 and December 31, 2023, respectively)	490,160	487,707
Accounts Receivable from Affiliated Companies	103,877	74,634
Unbilled Revenues	62,319	49,897
Materials, Supplies and REC Inventory	166,717	173,770
Regulatory Assets	757,447	676,083
Prepayments and Other Current Assets	37,050	41,464
Total Current Assets	1,620,300	1,510,295
Property, Plant and Equipment, Net	13,322,862	12,753,787
Deferred Debits and Other Assets:
Regulatory Assets	1,305,490	1,281,836
Prepaid Pension and PBOP	654,183	608,617
Other Long-Term Assets	130,839	116,978
Total Deferred Debits and Other Assets	2,090,512	2,007,431
Total Assets	$17,033,674	$16,271,513
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$236,500	$365,847
Accounts Payable	483,571	599,696
Accounts Payable to Affiliated Companies	132,079	144,622
Obligations to Third Party Suppliers	232,608	139,823
Renewable Portfolio Standards Compliance Obligations	70,689	116,010
Regulatory Liabilities	413,492	368,070
Other Current Liabilities	75,516	84,688
Total Current Liabilities	1,644,455	1,818,756
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,925,079	1,849,613
Regulatory Liabilities	1,619,614	1,585,311
Other Long-Term Liabilities	335,403	327,388
Total Deferred Credits and Other Liabilities	3,880,096	3,762,312
Long-Term Debt	5,092,959	4,496,947
Preferred Stock Not Subject to Mandatory Redemption	43,000	43,000
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	3,313,842	3,013,842
Retained Earnings	3,059,312	3,136,612
Accumulated Other Comprehensive Income	10	44
Common Stockholder's Equity	6,373,164	6,150,498
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$17,033,674	$16,271,513

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023	2024	2023
Operating Revenues	$845,068	$818,968	$1,792,683	$1,775,251
Operating Expenses:
Purchased Power and Transmission	209,348	266,560	482,653	627,485
Operations and Maintenance	163,580	146,852	337,252	312,935
Depreciation	100,286	92,863	197,208	183,292
Amortization of Regulatory Assets/(Liabilities), Net	21,236	(1,400)	69,627	21,385
Energy Efficiency Programs	66,662	70,687	148,962	156,904
Taxes Other Than Income Taxes	71,049	66,232	131,061	119,743
Total Operating Expenses	632,161	641,794	1,366,763	1,421,744
Operating Income	212,907	177,174	425,920	353,507
Interest Expense	54,689	46,761	104,113	91,626
Other Income, Net	48,421	40,909	95,536	80,782
Income Before Income Tax Expense	206,639	171,322	417,343	342,663
Income Tax Expense	49,036	36,579	99,763	74,107
Net Income	$157,603	$134,743	$317,580	$268,556

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023	2024	2023
Net Income	$157,603	$134,743	$317,580	$268,556
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan	(23)	(32)	(44)	(65)
Qualified Cash Flow Hedging Instruments	5	5	10	10
Changes in Unrealized Gains on Marketable Securities	—	—	—	12
Other Comprehensive Loss, Net of Tax	(18)	(27)	(34)	(43)
Comprehensive Income	$157,585	$134,716	$317,546	$268,513

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Six Months Ended June 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024	200	$—		$3,013,842		$3,136,612		$44	$6,150,498
Net Income				159,977			159,977
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(96,700)			(96,700)
Capital Contributions from Eversource Parent			300,000				300,000
Other Comprehensive Loss					(16)		(16)
Balance as of March 31, 2024	200	—		3,313,842		3,199,399		28	6,513,269
Net Income				157,603			157,603
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(297,200)			(297,200)
Other Comprehensive Loss					(18)		(18)
Balance as of June 30, 2024	200	$—		$3,313,842		$3,059,312		$10	$6,373,164

	For the Six Months Ended June 30, 2023
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2023	200	$—		$2,778,942		$2,921,444		$284	$5,700,670
Net Income				133,813			133,813
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(327,400)			(327,400)
Capital Contributions from Eversource Parent			31,300				31,300
Other Comprehensive Loss					(16)		(16)
Balance as of March 31, 2023	200	—		2,810,242		2,727,367		268	5,537,877
Net Income				134,743			134,743
Dividends on Preferred Stock				(490)			(490)
Capital Contributions from Eversource Parent			81,000				81,000
Other Comprehensive Loss					(27)		(27)
Balance as of June 30, 2023	200	$—		$2,891,242		$2,861,620		$241	$5,753,103

	For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$317,580	$268,556
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	197,208	183,292
Deferred Income Taxes	54,640	66,926
Uncollectible Expense	12,007	7,759
Pension, SERP and PBOP Income, Net	(18,003)	(20,460)
Regulatory Under Recoveries, Net	(157,521)	(126,487)
Amortization of Regulatory Assets, Net	69,627	21,385
Cost of Removal Expenditures	(22,832)	(33,750)
Other	(27,840)	(12,211)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(41,197)	(9,745)
Taxes Receivable/Accrued, Net	(5,328)	28,662
Accounts Payable	(77,371)	(68,720)
Other Current Assets and Liabilities, Net	40,403	(71,745)
Net Cash Flows Provided by Operating Activities	341,373	233,462
Investing Activities:
Investments in Property, Plant and Equipment	(729,758)	(677,596)
Other Investing Activities	—	48
Net Cash Flows Used in Investing Activities	(729,758)	(677,548)
Financing Activities:
Cash Dividends on Common Stock	(393,900)	(327,400)
Cash Dividends on Preferred Stock	(980)	(980)
Issuance of Long-Term Debt	600,000	—
Capital Contributions from Eversource Parent	300,000	112,300
(Decrease)/Increase in Notes Payable	(129,347)	324,000
Other Financing Activities	(6,081)	8
Net Cash Flows Provided by Financing Activities	369,692	107,928
Net Decrease in Cash and Restricted Cash	(18,693)	(336,158)
Cash and Restricted Cash - Beginning of Period	22,785	345,293
Cash and Restricted Cash - End of Period	$4,092	$9,135

(Thousands of Dollars)	As of June 30, 2024	As of December 31, 2023
ASSETS
Current Assets:
Cash	$252	$240
Receivables, Net (net of allowance for uncollectible accounts of $14,135 and $14,322 as of June 30, 2024 and December 31, 2023, respectively)	155,242	152,276
Accounts Receivable from Affiliated Companies	15,226	18,214
Unbilled Revenues	49,398	55,012
Taxes Receivable	38,220	27,146
Materials, Supplies and REC Inventory	81,032	77,066
Regulatory Assets	175,003	189,450
Special Deposits	30,651	31,586
Prepayments	23,456	18,489
Total Current Assets	568,480	569,479
Property, Plant and Equipment, Net	4,833,400	4,574,652
Deferred Debits and Other Assets:
Regulatory Assets	922,613	773,783
Prepaid Pension and PBOP	64,530	58,979
Other Long-Term Assets	19,383	16,558
Total Deferred Debits and Other Assets	1,006,526	849,320
Total Assets	$6,408,406	$5,993,451
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$132,000	$233,000
Rate Reduction Bonds – Current Portion	43,210	43,210
Accounts Payable	288,517	205,744
Accounts Payable to Affiliated Companies	33,835	41,272
Regulatory Liabilities	79,112	117,515
Other Current Liabilities	73,148	72,328
Total Current Liabilities	649,822	713,069
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	758,015	691,532
Regulatory Liabilities	392,184	393,574
Other Long-Term Liabilities	39,528	42,484
Total Deferred Credits and Other Liabilities	1,189,727	1,127,590
Long-Term Debt	1,731,461	1,431,591
Rate Reduction Bonds	345,677	367,282
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	1,798,134	1,698,134
Retained Earnings	693,585	655,785
Common Stockholder's Equity	2,491,719	2,353,919
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$6,408,406	$5,993,451

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023	2024	2023
Operating Revenues	$287,311	$350,070	$613,427	$770,225
Operating Expenses:
Purchased Power and Transmission	36,995	144,829	124,933	371,514
Operations and Maintenance	69,643	64,503	138,355	132,298
Depreciation	38,127	34,702	75,536	68,790
Amortization of Regulatory Assets/(Liabilities), Net	28,729	(19,954)	49,993	(25,271)
Energy Efficiency Programs	9,695	9,149	20,871	19,376
Taxes Other Than Income Taxes	24,465	25,531	47,780	47,636
Total Operating Expenses	207,654	258,760	457,468	614,343
Operating Income	79,657	91,310	155,959	155,882
Interest Expense	20,259	19,106	39,453	36,649
Other Income, Net	7,772	6,301	14,822	12,019
Income Before Income Tax Expense	67,170	78,505	131,328	131,252
Income Tax Expense	15,726	18,143	31,528	30,594
Net Income	$51,444	$60,362	$99,800	$100,658

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023	2024	2023
Net Income	$51,444	$60,362	$99,800	$100,658
Other Comprehensive Income, Net of Tax:
Changes in Unrealized Gains on Marketable Securities	—	—	—	73
Other Comprehensive Income, Net of Tax	—	—	—	73
Comprehensive Income	$51,444	$60,362	$99,800	$100,731

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Six Months Ended June 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveLoss · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024	301	$—		$1,698,134	$655,785		$—	$2,353,919
Net Income				48,356		48,356
Capital Contributions from Eversource Parent			100,000			100,000
Balance as of March 31, 2024	301	—		1,798,134	704,141		—	2,502,275
Net Income				51,444		51,444
Dividends on Common Stock				(62,000)		(62,000)
Balance as of June 30, 2024	301	$—		$1,798,134	$693,585		$—	$2,491,719

	For the Six Months Ended June 30, 2023
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensive Loss · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2023	301	$—		$1,298,134		$572,126		$(73)	$1,870,187
Net Income				40,296			40,296
Dividends on Common Stock				(28,000)			(28,000)
Other Comprehensive Income					73		73
Balance as of March 31, 2023	301	—		1,298,134		584,422		—	1,882,556
Net Income				60,362			60,362
Dividends on Common Stock				(28,000)			(28,000)
Capital Contributions from Eversource Parent			100,000				100,000
Balance as of June 30, 2023	301	$—		$1,398,134		$616,784		$—	$2,014,918

	For the Six Months Ended June 30,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$99,800	$100,658
Adjustments to Reconcile Net Income to Net Cash Flows Provided by/(Used In) Operating Activities:
Depreciation	75,536	68,790
Deferred Income Taxes	64,545	89,761
Uncollectible Expense	2,178	(451)
Pension, SERP and PBOP Income, Net	(4,469)	(5,197)
Regulatory Under Recoveries, Net	(167,077)	(244,668)
Amortization of Regulatory Assets/(Liabilities), Net	49,993	(25,271)
Cost of Removal Expenditures	(20,358)	(15,678)
Other	(2,691)	3,896
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	1,916	12,223
Taxes Receivable/Accrued, Net	(11,045)	4,357
Accounts Payable	(3,697)	(45,255)
Other Current Assets and Liabilities, Net	(8,142)	(35,773)
Net Cash Flows Provided by/(Used In) Operating Activities	76,489	(92,608)
Investing Activities:
Investments in Property, Plant and Equipment	(289,667)	(276,676)
Other Investing Activities	—	296
Net Cash Flows Used in Investing Activities	(289,667)	(276,380)
Financing Activities:
Cash Dividends on Common Stock	(62,000)	(56,000)
Capital Contributions from Eversource Parent	100,000	100,000
Issuance of Long-Term Debt	300,000	300,000
Repayment of Rate Reduction Bonds	(21,605)	(21,605)
(Decrease)/Increase in Notes Payable to Eversource Parent	(101,000)	53,000
Other Financing Activities	(3,140)	(5,460)
Net Cash Flows Provided by Financing Activities	212,255	369,935
Net (Decrease)/Increase in Cash and Restricted Cash	(923)	947
Cash and Restricted Cash - Beginning of Period	35,004	36,812
Cash and Restricted Cash - End of Period	$34,081	$37,759

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.